Faulty sanctions screening software can lead to fine, underscoring need to have appropriate tools in place

December 5, 2016
By Santosh Talada*

The increased complexity of sanctions coupled with an ever-increasing number of blacklisted entities has made it hard for financial institutions and corporations to keep track of and monitor clients and partners. Even when using automated watch list filtering tools to catch transactions and business dealings with sanctioned entities, costly mistakes can be made as enforcement actions have shown. (more…)